Jimmy D. Hair, Karen E. Hair, Oceans 30 Inc. v. Sun America Securities Inc. aka Sagepoint Financial Inc., Keith P. DeGreen, Jared B. Roskelley
Published: Feb. 5, 2011 | Result Date: Jan. 7, 2011 | Filing Date: Jan. 1, 1900 |Case number: 10-01800 Arbitration – Defense
Facts
Jimmy Hair, Karen Hair and Oceans 30 Inc. entered into arbitration with SunAmerica Securities Inc., Keith DeGreen, and Jared Roskelley regarding investments in an IRS Code Section 1031 exchange vehicle and alleged Ponzi scheme.
Contentions
CLAIMANTS' CONTENTIONS:
The Hairs and Oceans 30 alleged negligence, negligent supervision, violation of Arizona Securities Statutes and Regulations, as well as breach of contract, breach of fiduciary duty, fraud, and negligent misrepresentation.
RESPONDENTS' CONTENTIONS:
The claimants denied the allegations, asserting various affirmative defenses. DeGreen filed a cross-claim against Roskelley alleging breach of regulatory and contractual duties, and cross-claimed against SunAmerica for indemnification.
Damages
The Hairs and Oceans 30 sought rescission or damages of $1.1 million, as well as interest, attorney fees, and costs.
Result
The arbitration panel found DeGreen was not involved in the alleged violations, and recommended expungement of his record. The remaining parties reached a settlement.
Other Information
ARBITRATORS: Marc Kalish, Henry L. Dahl, Jr., Charles W. Herf
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